Economic Growth

(asked on 20th April 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he plans to take to avert the International Monetary Fund’s recent projection that the UK will have the slowest growing economy in the G7 in 2023.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 26th April 2022

The UK was the fastest growing economy in the G7 last year and the IMF forecasts show it will be the second fastest this year, behind Canada. Due to uncertainty partly caused by the war in Ukraine, global growth expectations were downgraded for 2022 and 2023. Overall, between 2019 and 2027, the UK is forecast to see the third highest growth in the G7, behind only Canada and the United States.

The Government has already taken important steps to drive growth through the landmark capital uplift at Spending Review 2021, and plans to invest £20 billion per year in R&D by 2024-25. As set out in the Chancellor’s Mais lecture, and re-iterated at the Spring Statement 2022, to lift growth and productivity, the private sector needs to invest more, train more, and innovate more. The Government recognises it can support this aim by providing clarity and certainty over the long-term development of different aspects of the tax system. Accordingly, the Chancellor set out the Government’s Tax Plan at Spring Statement 2022. This sets out the Government’s commitment to boosting productivity and growth by creating the conditions for the private sector to invest more, train more and innovate more – fostering a new culture of enterprise around capital, people and ideas.
Reticulating Splines